Newmont Goldcorp Provides Update on Peñasquito Mine in Mexico
DENVER--(BUSINESS WIRE)-- Newmont Goldcorp Corporation (NYSE: NEM, TSX: NGT) (Newmont Goldcorp or the Company) announced that the dialogue sponsored by the government of Mexico to resolve issues with a trucking contractor and the San Juan de Cedros community (one of Peñasquito’s 25 neighboring communities) has been suspended and that an illegal blockade has resumed.
The Company remains willing to continue good-faith discussions and will be available to resume the dialogue once the other parties recognize their interests are best served by returning to the government-sponsored discussions and not through illegal and unproductive blockades that hurt local communities.
In order to ensure the safety of people, assets, and the long-term viability of Peñasquito, the Company has temporarily suspended operations for as long as the illegal blockade persists.
Over the years, Peñasquito has enhanced water availability to neighboring communities through a number of projects including water treatment plants, new wells, pipelines and water trucks, along with 90 other infrastructure and community development projects.
Through the government-sponsored dialogue process, the Company has offered a number of additional enhancements, including:
- Identifying new opportunities for local suppliers to contract with the mine – this would include capacity building to help them qualify to meet our standards
- Reviewing existing contracts with local suppliers to ensure there is a balance with all of the neighboring communities
- Building and operating permanent infrastructure to replace current water supplementation for San Juan de Cedros
- Investing in additional infrastructure and amenities for the Cedros community to further support long-term economic development
In 2018, Peñasquito produced 272,000 ounces of gold, and the mine directly employs more than 6,500 people while supporting another 20,000 indirect jobs in the region. Since 2005, Newmont Goldcorp has invested approximately US$5 billion in Peñasquito, including US$420 million in the Pyrite Leach Plant in 2017-2018.
About Newmont Goldcorp
Newmont Goldcorp is the world’s leading gold company and a producer of copper, silver, zinc and lead. The Company’s world-class portfolio of assets, prospects and talent is anchored in favorable mining jurisdictions in North America, South America, Australia and Africa. Newmont Goldcorp is the only gold producer listed in the S&P 500 Index and is widely recognized for its principled environmental, social and governance practices. The Company is an industry leader in value creation, supported by robust safety standards, superior execution and technical proficiency. Newmont Goldcorp was founded in 1921 and has been publicly traded since 1925.
Cautionary Statement Regarding Forward-Looking Statements
This press release may contain "forward-looking statements" within the meaning of Section 27A of the US Securities Act of 1933, as amended, and Section 21E of the US Exchange Act of 1934, as amended, which are intended to be covered by the safe harbor created by such sections and other applicable laws. Where a forward-looking statement expresses or implies an expectation or belief as to future events or results, such expectation is expressed in good faith and believed to have a reasonable basis. However, such statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially. Forward-looking statements in this news release may include, without limitation, statements relating to future discussions and dialogue, resolution of the matter and expectations with respect to the duration of the blockage and suspension of operations at the Peñasquito mine. Estimates or expectations of future events or results are based upon certain assumptions, which may prove to be incorrect. For a more detailed discussion of risks and other factors that might impact future looking statements, see Newmont Goldcorp’s Annual Report on Form 10-K for the year ended December 31, 2018 as well as Newmont Goldcorp’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2019 under the heading “Risk Factors” available on the SEC website or www.newmontgoldcorp.com. Newmont Goldcorp does not undertake any obligation to release publicly revisions to any “forward-looking statement,” including, without limitation, outlook, to reflect events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws. Investors should not assume that any lack of update to a previously issued “forward-looking statement” constitutes a reaffirmation of that statement. Continued reliance on “forward-looking statements” is at investors’ own risk.
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Source: Newmont Goldcorp Corporation